Loss Mitigation Underwriter II (Safe Act)

M&T Bank; Getzville (NY); On-site; USD 31,000 - 52,000; Full time

Job summary

M&T Bank in Getzville, NY seeks a Loan Modification Specialist to manage loss mitigation workups and prepare loans for foreclosure mediation hearings. You will liaise with investors including Fannie Mae and Freddie Mac, review hardship documentation, and determine repayment options.

Ideal candidates have at least 2 years in collections or underwriting, strong communication skills, and proficiency with Word and Excel. A Bachelor’s degree is preferred. This is an on-site role in Getzville, NY.

Qualifications

• 4 years of combined higher education and/or experience, including a minimum of 2 years’ collections or underwriting experience.
• Ability to communicate effectively and professionally over the phone.
• Excellent communication and customer service skills.
• Proficiency with word processing and spreadsheet software.
• Knowledge and understanding of land title.

Responsibilities

• Understand investor waterfalls and required documents for loss mitigation.
• Manage and monitor account portfolio to ensure documentation and decisions comply with policies, guidelines and regulations.
• Assess income/expenses and property values, compare appraisals with offers.
• Liaise with investors (Fannie Mae, Freddie Mac, M&T Bank) to gain approvals and provide documentation.
• Review workout packages to determine suitable repayment options.
• Calculate loan modification terms per guidelines and laws.
• Communicate with Single Point of Contact, title team and Loss Mitigation Closing team to resolve issues.
• Review/compile/analyze appraisals, title, HUD 90051 to approve/deny short sale settlements.
• Negotiate short sale offers with customers/agents/attorneys and advise on mitigation decisions.
• Prepare workout summaries for management approval and maintain audit notes.
• Prepare loans for foreclosure mediation hearings and identify clouded title solutions.
• Complete ad hoc projects as requested and adhere to risk controls.

Job description

Overview

This position is responsible for submitting loan modification workups for the entire waterfall of investor workout options. This position will also be responsible for preparing loans for foreclosure mediation hearings, working with various investors and cross training with other areas of loss mitigation.

Primary Responsibilities

• Understand investor waterfalls and required documents for loss mitigation.
• Manage and monitor account portfolio to ensure that all documentation and account decisions comply with banking policies, investor guidelines and applicable regulations.
• Assess income and expenses, as well as property value and variance between appraised properties and offers submitted by potential buyers.
• Serve as liaison to various investors, including, but not limited to Fannie Mae, Freddie Mac and M&T Bank to gain approval for settlements and provide each party with documentation necessary to render a decision.
• Review workout packages, including hardship letters, tax returns, income statements, pay stubs, credit reports, sources of debt and general customer financial documents to determine the most suitable repayment option for customers.
• Calculate loan modification terms in adherence with Investor and Insurer guidelines, M&T policies and applicable state and Federal law and regulations.
• Communicate with Single Point of Contact, title team and Loss Mitigation Closing team to gather information and resolve escalated accounts.
• Review, compile and analyze documents (e.g., appraisals, title, arm’s length addenda, HUD 90051) to approve or deny a short sale settlement.
• Communicate with customers, real estate agents and attorneys to negotiate short sale settlement offers and advise of loss mitigation decisions.
• Prepare workout summaries for management approval. Maintain notes for management and audit review purposes.
• Prepare loans for foreclosure mediation hearings.
• Identify solutions to resolve clouded title.
• Complete special ad hoc projects as requested by management (e.g., due diligence loan reviews)
• Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
• Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
• Promote an environment that supports belonging and reflects the M&T Bank brand.
• Complete other related duties as assigned.

Scope of Responsibilities

Manages and monitors an account portfolio of 70 loans.

Supervisory/ Managerial Responsibilities

Not Applicable.

Education and Experience Required

• A combined 4 years’ higher education and/or experience, including a minimum of 2 years’ collections or underwriting experience.
• Ability to communicate effectively and professionally over the phone.
• Excellent communication and customer service skills.
• Proficiency with word processing and spreadsheet software.
• Knowledge and understanding of land title.

Education and Experience Preferred

• Bachelor’s degree.
• Paralegal certification or experience.
• Mortgage collections experience.
• Knowledge of M&T systems.
• M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $22.61 - $37.67 Hourly (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation.

Location

Getzville, New York, United States of America